RICS calls for corporate real estate consistency

Friday, February 26, 2010

Business space leasing professionals have made calls for an industry standard.

By Ashley Brunskill

The Royal Institution of Chartered Surveyors (RICS) has urged the government to implement consistent and comprehensive regulation of the property market.

RICS is calling for better regulation of the sector to ensure that all companies are performing in the manner that their customers would expect.

It aims to ensure that the commercial property market becomes more transparent and prevents rogue business practices, following calls from property professionals, clients and the press.

Max Crofts, RICS president and chairman of the Transparency Working Group, said: "The focus is now on sensible lending, transparency and proper management of risk. This consultation has highlighted both good and bad practice in how the property market operates."

One of RICS key aims is to introduce measures that will become industry standard, for the protection of consumers and that this should be enforced by an independent body such as the Property Standards Board.

It has recently been reported that The London Development Agency (LDA) has completed the acquisition of two plots of land at Beam Reach 8 in Rainham.

Source: ask-re The Property People LLP